Understanding Crypto: How Cryptocurrency Works

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This topic contains 7 replies, has 4 voices, and was last updated by  Lina 3 weeks, 3 days ago.

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  • #354921

    Lina
    Participant

    Welcome to the cryptocurrency guide! If you’re new to the world of cryptocurrencies and are looking to learn more about them without the complicated jargon, you’ve come to the right place. You might have heard of cryptocurrencies before, and have some questions about what it is and how it works. In this series, Altcoin Fantasy has teamed up with CoinMarketCap’s education initiative to address important cryptocurrency topics in easy-to-digest parts. We hope to make learning about crypto accessible to anyone who is interested. Our series is organized as follows:

  • #354922

    rachel
    Participant

    In order to understand cryptocurrencies, let’s start with what a currency is. A currency is a form of money issued by a government and used in a specific geographic location. Currencies are used to transfer value from one person to another and are represented in various forms (e.g. bank notes, coins, etc). Modern currencies are typically centralized, meaning they are controlled by one entity, such as a nation’s government or central bank.

  • #354923

    fdhjfkf
    Participant

    Cryptocurrencies are digital representations of money rather than physical traditional currencies. Unlike traditional currencies, cryptocurrencies are not issued or controlled by a central authority. This makes them decentralized, as cryptocurrency transactions are executed and managed by technology to carry out the same functions that a central bank normally would, such as issuing new amounts of the cryptocurrency (i.e. minting new coins) and verifying transactions.

  • #354924

    Lina
    Participant

    Cryptocurrencies are broken down into two types – coins and tokens. Coins are cryptocurrencies that can operate independently and have their own platform or blockchain. Examples of coins are Bitcoin, Etheruem, Litecoin, Ripple, Stellar and Doge. Tokens are cryptocurrencies that operate on top of another cryptocurrency’s platform or blockchain. They may have a particular function or “use” within a platform. Some examples of tokens are Binance Coin, Augur, 0x and OmiseGo. Cryptocurrencies, whether coins or tokens, are purchased, transferred and held in cryptocurrency wallets.

  • #354925

    rachel
    Participant

    You might be asking, why exactly are cryptocurrencies so important? Why do we need cryptocurrencies when we already have currencies that exist in physical form?

  • #354926

    fdhjfkf
    Participant

    Cryptocurrencies have a number benefits, which solve problems that exist among centralized currencies and financial institutions today. These benefits are: trustlessness, security, immutability, permissionless, speed, borderless and anonymity.

  • #354929

    submergeshortly
    Participant

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  • #401589

    Lina
    Participant

    The launch of the Wirex Visa Travelcard is part of a general expansion of Wirex services for customers in the region, which includes 19 secure, cold-storage traditional and cryptocurrency accounts, including USD, SGD, AUD, JPY, EUR, GBP, BTC and ETH among many others and access to industry-best OTC and interbank rates for crypto and traditional currency exchange. To allow as many people as possible to experience the Wirex Visa Travelcard and gain exposure to its innovative services, Wirex is removing fees, including account management and traditional currency exchange fees, for a limited period. Crypto debit card asia

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